Market Outlook and Analysis (2020 WW07)
Currency Pair: CADCHF
CADCHF D1 Chart – Bullish Shark completed, Bounced off Support Zone
The Bank of Canada’s chief, Poloz, was upbeat about the about the Canadian economy. With a strong recovery in the housing sector and healthy labour markets, the Canadian economy was demonstrating good resilience overall.
Clearly bounce off the support levels after the completion of a Bullish Shark pattern on the Daily charts. Giving the market a bullish biased on the CAD
CADCHF H4 Chart – Could we be at a Resistance Zone?
The chart is showing us that the pair is approaching a critical Support turned Resistance zone. This would be the levels to look out for when the trading week starts.
CADCHF H1 Chart – Bearish Crab Pattern Completion
On the H1 charts, the pair is completing a Bearish Crab Pattern at the Sell Zone. For those confirmation traders, in the midst of this very bullish run, it could be wiser to wait for the Bearish confirmation when the price breaks below the Rising Wedge formation. Let’s monitor this closely.
I have personally forgotten about this favourite 2019 currency pair. I will be monitoring this closely in the coming weeks.
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